Paper Number
ECIS2026-2343
Paper Type
CRP
Abstract
This study investigates how external regulatory intervention shapes decentralization in the open banking ecosystem by reconfiguring power relationships between platform owners and complementors. We conducted 18 semi-structured interviews with executives from banks, Fintechs, financial regulators, professional associations, and data aggregators operating in the Swedish open banking ecosystem after the enactment of the EU’s revised Payment Services Directive (PSD2). Our findings point to four mechanisms of power diffusion that enable decentralization and complementor empowerment: data access, data scaling, value-adding data, and expanded networks. They also highlight the importance of data aggregators as platform intermediaries and ecosystem enablers. We argue that power diffusion and decentralization empower Fintechs and other complementors to innovate, create new offerings, and contribute to the growth of the open banking ecosystem. Empowerment, in this sense, is not loss of platform power but the redistribution of opportunity. Our paper extends the discourse on platform governance and complementor behavior in digital platform ecosystems, and offers novel insights into decentralization in financial services ecosystems.
Recommended Citation
Mansour, Osama; Forsgren, Emma; and Chandra Kruse, Leona, "Open Banking Ecosystem Under Regulatory Intervention: Diffusion Of Power and Complementor Empowerment" (2026). ECIS 2026 Proceedings. 7.
https://aisel.aisnet.org/ecis2026/blockfintech/blockfintech/7
Open Banking Ecosystem Under Regulatory Intervention: Diffusion Of Power and Complementor Empowerment
This study investigates how external regulatory intervention shapes decentralization in the open banking ecosystem by reconfiguring power relationships between platform owners and complementors. We conducted 18 semi-structured interviews with executives from banks, Fintechs, financial regulators, professional associations, and data aggregators operating in the Swedish open banking ecosystem after the enactment of the EU’s revised Payment Services Directive (PSD2). Our findings point to four mechanisms of power diffusion that enable decentralization and complementor empowerment: data access, data scaling, value-adding data, and expanded networks. They also highlight the importance of data aggregators as platform intermediaries and ecosystem enablers. We argue that power diffusion and decentralization empower Fintechs and other complementors to innovate, create new offerings, and contribute to the growth of the open banking ecosystem. Empowerment, in this sense, is not loss of platform power but the redistribution of opportunity. Our paper extends the discourse on platform governance and complementor behavior in digital platform ecosystems, and offers novel insights into decentralization in financial services ecosystems.
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